Miami-Dade’s housing inventory continues to drop at all price levels, with resales of existing properties consistently outpacing new listings.
In the spring and summer of 2008, said Esslinger Wooten Maxwell President Ron Shuffield, the county had a 47- month supply of single-family homes and enough condos on the market for 63 months at the prevailing rate of sales. Now, the inventory of single-family homes stands at six months; of condos, at seven months.
Most noticeable, he said, is the significant drop in the inventory of distressed properties. “At the end of December last year, there were 1,005 foreclosed single-family homes listed,” he said. “At the end of September this year, there were 350. So the inventory has dropped by about 65%.”
Similarly, he said, at the end of last year, 1,356 foreclosed condos were listed; at the end of September this year, there were 328, or about a 75% decrease.
Read : “Falling inventory of distressed residences mirrored in market” an article by Miami Today